Singapore

AML / KYC

MAS Tables Bill to Obtain Enhanced Regulatory Powers

By Sanday Chongo Kabange | 15/02/2022

The Financial Services and Markets Bill will give MAS enhanced regulatory powers to address misconduct, crypto asset and technology risks.

AML / KYC

MAS Issues Guidance on Tech Adoption for Remote CDD

By Manesh Samtani | 14/02/2022

MAS identifies good industry practices used to guard against fraud, impersonation, and document tampering in a non-face-to-face setting.

ESG / Sustainability

MAS, IBF Develop Skills Framework for Sustainable Finance

By Editors | 10/02/2022

Technical skills and competencies have been set out for FIs to use to upskill finance professionals and build deeper talent pools for sustainable finance.

Enforcement

Singapore Man Charged Over False Statements in Telegram Chat

By Manesh Samtani | 09/02/2022

The false statements were used to induce investors to trade listed securities. SGX has previously warned about the use of Telegram chat groups in “pump and dump” schemes.

Enforcement

MAS Imposes Capital Surcharge on DBS for November Outage

By Editors | 07/02/2022

DBS has to hold SGD 930 million in additional regulatory capital until MAS is satisfied that it has addressed all shortcomings identified by an independent reviewer.

Fintech / Regtech

Singapore Gets New Methodologies to Assess Responsible AI Use

By Editors | 06/02/2022

A new open-source software toolkit has also been published to enable financial institutions to automate the fairness metrics assessment.

AML / KYC

MAS to Introduce Equitable Loss Sharing Framework for Scams

By Manesh Samtani | 04/02/2022

OCBC’s goodwill payouts to fully cover customer losses were a one-off gesture, and they “do not set a general precedent for future cases”, MAS said.

ESG / Sustainability

MAS to Issue New Anti-Greenwashing Rules for ESG Funds

By Manesh Samtani | 31/01/2022

Greenwashing poses a “real and present danger” to industry efforts to advance sustainability considerations in their investment processes.

Fintech / Regtech

Evolving AI Risks and Regulations in Singapore and the EU

By Peiying Chua | 31/01/2022

Peiying Chua explains how financial institutions can ensure their implementation of AI does not run afoul of lawmakers and regulators.